Taxation of Gift

This query is : Resolved

Share Report Follow Query Ask a Query

darshit

darshit (Querist)
Follow

15 April 2009 If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

15 April 2009 No, gift in kind is not taxable. Accounting entry can be made at the fair value of the object.

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
Follow

15 April 2009 gift in kind is not taxable.

parthasarathy

parthasarathy (Expert)
Follow

15 April 2009 as per gift tax provisions of I.T Act.. gifts in kind are not taxable, but the receiver of the gift has to prove the routing of the gift in kind....namely the gift deed issued by the person giving the gift confirming the gift and also the source from which he has obtained the item of gift.

gift received in kind is purley capital receipt in the year of receipt. so you can show it in balance sheet opening a seperate account for it, for e.g building received in way of gift. building A/c Dr.... To Capital Account A/c (Being building received by way of gift from ...... vide deed no....dt...)

have a grt day

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

21 April 2009 i support

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

office docs

Arun Borad

MUNISH KUMAR

RISHI LATTA

CA Aakarsh Jain

Subscribe Now

Taxation of Gift

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Accountant